Jump to content

can a falang have his name put on a the back of a Thai owed Chanote . as collateral for a loan


Recommended Posts

can a Falang have his name put on a the back of a Chanote . as collateral for a loan? 

it seems to me.  That if a Thai house owner borrow money using thier house for collateral for a  loan. the lenders name goes on the Chanote  so the house can not be sold untill this debt is paid off .  could this be the same for a Falang ?

Link to comment
Share on other sites

I can only tell you what I was told, but my then lawyer a few years ago suggested a mortgage as a better option to doing the Usefruct thing (30 year lease). He said that should you and your girlfriend split, and she can't continue to make payments per mortgage, you simply take possession of the house. As a farang of course you can't own the property in Thailand but I believe under these circumstances you have a window of 2 years to sell. It may not be a viable proposition if you are legally married to your partner. I was not married when he gave me this advice. I actually wanted a mortgage and Usefruct on the land title but apparently can't have both. I didn't end up going ahead with it. The benefit of a mortgage over a Usefruct is you can actually sell the property and recoup some / all of your money. I see a lot of guys getting Usefructs (30 year leases) and may be ok if it is somewhere you are happy to live for the rest of your life but should you have a home in her home village and split up, would you really want to live there other than to spite her?

 

It is something you would have to talk to your Lawyer about and see if he was onboard or not. I think it would be one of these things were ultimately it was up to the land office if they will do this or not. More often than not in these circumstances if they aren't sure....they wont go and check but will simply say no can not. So it could be a regional thing whether it is accepted or not. When I was talking to my lawyer it sounded like he had done it before, had contacts at the land office and would not be a problem. In the event you did split up how cut and dried it would be executing the title conditions ie evicting her I am not sure.

 

I may have misread your question actually. Are you talking about guaranteeing her loan for a financial institution? I very much doubt it in this case as you could simply up and leave the country, they are stuck with the debt

Edited by Kenny202
  • Thanks 1
Link to comment
Share on other sites

3 hours ago, Kenny202 said:

I can only tell you what I was told, but my then lawyer a few years ago suggested a mortgage as a better option to doing the Usefruct thing (30 year lease). He said that should you and your girlfriend split, and she can't continue to make payments per mortgage, you simply take possession of the house. As a farang of course you can't own the property in Thailand but I believe under these circumstances you have a window of 2 years to sell. It may not be a viable proposition if you are legally married to your partner. I was not married when he gave me this advice. I actually wanted a mortgage and Usefruct on the land title but apparently can't have both. I didn't end up going ahead with it. The benefit of a mortgage over a Usefruct is you can actually sell the property and recoup some / all of your money. I see a lot of guys getting Usefructs (30 year leases) and may be ok if it is somewhere you are happy to live for the rest of your life but should you have a home in her home village and split up, would you really want to live there other than to spite her?

 

It is something you would have to talk to your Lawyer about and see if he was onboard or not. I think it would be one of these things were ultimately it was up to the land office if they will do this or not. More often than not in these circumstances if they aren't sure....they wont go and check but will simply say no can not. So it could be a regional thing whether it is accepted or not. When I was talking to my lawyer it sounded like he had done it before, had contacts at the land office and would not be a problem. In the event you did split up how cut and dried it would be executing the title conditions ie evicting her I am not sure.

 

I may have misread your question actually. Are you talking about guaranteeing her loan for a financial institution? I very much doubt it in this case as you could simply up and leave the country, they are stuck with the debt

Thanks think all sounds what I thought.was just trying to cover my half of investment...so the unfruct best option for me.

Link to comment
Share on other sites

4 hours ago, yeahbutif said:

can a Falang have his name put on a the back of a Chanote . as collateral for a loan? 

If he has done it---then that's the answer to your inquiry. ---In the land where every government office has different rules. I have been told that he can be put it on there as a leaser, but TIT , go to the office down the road and your probably get a different answer.

 

Just out of curiosity --what rate--%-- is he charging you for the loan. There are usury laws here.

Link to comment
Share on other sites

13 hours ago, KhunG said:

I did the lifetime usufrct thing on two properties that belong to my wife.  My name is on the back of both Chanotes, so a foreign name can be put there.

Of course you can...if you know how to get through the loopholes - which is not a real challenge.

Most are not knowledgeable enough to look into what is and what isn't, repeating and believing the same old myths.

Link to comment
Share on other sites

On 1/14/2021 at 5:56 AM, zzaa09 said:

Of course you can...if you know how to get through the loopholes - which is not a real challenge.

Most are not knowledgeable enough to look into what is and what isn't, repeating and believing the same old myths.

I also did a usufruct. It showed me the true character of my  partner allowing me to so it. Its mine until I die I am free to lease it out so want I want with it. Lawyers trying to get you do a lease dont like to know you went and did it. There are some lawyers saying  problems may occur for married couples though. Another post claim they have ro have a court remove the usufruct I would imgine that would be just as easy for your Thai partner to do  as a farang to walk in and get a usufruct. Courts decide with the cunsumer being your Thai wife 

Edited by arick
  • Thanks 1
Link to comment
Share on other sites

On 1/14/2021 at 2:23 AM, Puccini said:

1. In the context of this topic, there is no such thing as a falang.

 

2. A usufruct and a lease are two entirely different things.

One is for life even if the Thai owner dies. The other one is not. 

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...